Summary

Rystad Energy is an independent energy consulting services and business intelligence provider offering global databases, strategic advisory and research products for energy companies and suppliers,… The defining feature of the Northern Hemisphere winter 2026/27 is uncertainty. Liquefied natural gas (LNG) prices are above $30 per million British thermal units (MMBtu), and gas inventories are markedly lower in key markets. Further price rallies are not a foregone conclusion, though. Potent downside risks remain, including a recovery of Middle Eastern LNG supply and weather-suppressed power and heating demand.

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